Financial Performance - In 2023, the company achieved a revenue of CNY 67.54 billion, representing a 24.08% increase compared to CNY 54.43 billion in 2022 [24]. - The net profit attributable to shareholders reached CNY 6.71 billion, a 33.46% increase from CNY 5.03 billion in the previous year [24]. - The net profit after deducting non-recurring gains and losses was CNY 6.65 billion, up 35.71% from CNY 4.90 billion in 2022 [24]. - The company's cash flow from operating activities was CNY 15.13 billion, a significant recovery from a negative cash flow of CNY -3.42 billion in 2022 [24]. - The total assets at the end of 2023 were CNY 78.87 billion, a 3.90% increase from CNY 75.91 billion at the end of 2022 [24]. - The net assets attributable to shareholders increased by 10.83% to CNY 53.83 billion from CNY 48.57 billion in 2022 [24]. - Basic earnings per share rose to CNY 3.2451, reflecting a 28.38% increase from CNY 2.5277 in 2022 [25]. - The total profit for the year was CNY 8.65 billion, reflecting a year-on-year growth of 13.50% [56]. - The company's cash flow from operating activities was CNY 15.13 billion, a significant recovery from a negative cash flow of CNY 3.42 billion in the previous year [58]. Dividends and Shareholder Returns - In 2023, the company distributed a cash dividend of RMB 16.5 per 10 shares, totaling RMB 3,413.6174 million, which accounts for 50.85% of the net profit attributable to shareholders [5]. - The total cash dividend amount for the year was RMB 3,413,617,422.60, representing 50.85% of the net profit attributable to shareholders [138]. - The company distributed a cash dividend of RMB 8.00 per 10 shares, totaling RMB 1,655,087,235.20, which accounts for 32.90% of the net profit attributable to shareholders in 2022 [136]. Market Expansion and Operations - The company opened the C Zone of Sanya International Duty Free City, becoming the world's first standalone tourism retail plaza specializing in cosmetics [15]. - The company secured the operating rights for duty-free shops at Tianjin Binhai International Airport and three outbound duty-free shop projects in Yunnan, enhancing its channel advantages in major domestic airports [15]. - The company is advancing the third phase of the Sanya International Duty Free City project in collaboration with Swire Properties, aimed at long-term development [15]. - The company added 177 well-known domestic and international brands in Hainan, with sales from 14 pilot "S stores" increasing by 65% year-on-year [36]. - The company operates approximately 200 duty-free stores across more than 100 cities in China, making it the largest duty-free operator in terms of store types and locations [51]. Membership and Consumer Engagement - The membership system has been fully integrated, with over 32 million members, utilizing AI analysis for precise marketing and product recommendations [16]. - The company launched over 30 promotional events, including the Hainan Duty-Free Shopping Festival, to enhance consumer engagement and service quality [15]. - The company integrated its online services through the cdf中免 Hainan APP and mini-program, providing a one-stop platform for consumers [36]. - The company has over 32 million members, with a new member service policy aimed at enhancing consumer spending potential [40]. Environmental and Social Responsibility - The company invested CNY 1.0617 million in environmental protection measures during the reporting period, focusing on energy-saving renovations and waste treatment at Sanya and Haikou International Duty-Free Cities [144]. - The company has implemented carbon reduction measures, including energy-saving renovations and the use of clean energy equipment, achieving a 100% usage rate of electric forklifts [146]. - The Haikou International Duty-Free City project received the LEED Gold certification, reflecting the company's commitment to green building standards [147]. - The company provided over 25.78 million eco-friendly shopping bags to customers, promoting plastic reduction initiatives [145]. - The company invested a total of 13.37 million CNY in poverty alleviation and rural revitalization projects, including 13.31 million CNY in Menglian and Ximeng counties in Yunnan Province [151]. Governance and Management - The company held 2 shareholder meetings and 12 board meetings during the reporting period, reviewing a total of 14 and 51 proposals respectively [102]. - The board established four specialized committees, which held 16 meetings and reviewed 34 proposals, enhancing decision-making efficiency [103]. - The company maintains independence from its controlling shareholder in assets, personnel, finance, and operations, as per commitments made in 2016 [105]. - The governance structure includes a clear division of responsibilities among the Party Committee, Shareholders' Meeting, Board of Directors, Supervisory Board, and Management Team [102]. - The company has implemented a "1+N" governance system to ensure compliance with laws and regulations, enhancing operational effectiveness [103]. Risk Management - A foreign exchange risk management system was developed to monitor and assess exchange loss risks, laying the foundation for reducing foreign exchange losses [16]. - The company faces risks including intensified market competition and potential investment risks, which it plans to manage through strategic planning and project management [98][100]. - The company’s risk management and internal control systems were evaluated, with a focus on the financial company's operational qualifications and risk management [129]. Future Outlook - The company plans to focus on tourism retail business and aims to become a world-class operator in this sector in 2024 [18]. - The company expects the domestic tourism market to exceed 6 trillion yuan in revenue in 2024, recovering to or surpassing 2019 levels [89]. - The company is committed to accelerating international development and capital operations, leveraging the "Belt and Road" initiative [96]. - The company plans to strengthen its presence in the Hainan market by improving service quality and enhancing consumer satisfaction [94].

旅游零售 中国中免（601888.SH） 买入-B(维持) 盈利能力提升，关注出入境客流修复带动业绩增长 2024年3月28日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年财务报告，期内实现营收675.4亿元（+24.08%），归 母净利润67.14亿元（+33.46%），扣非归母净利润66.52亿元（+35.71%）， EPS3.25元，拟向全体股东每股派发现金红利1.65元（含税），年内公司现 金分红比例为50.85%。2023Q4实现营收167.03亿元（+10.85%），归母净利 润15.07亿元（+274.72%），扣非归母净利润14.61亿元（+358.9%）。期内公 司归母净利润、扣非归母净利润同比增速均超30%，系外部消费复苏、出入 境政策放开，叠加内部公司优化商品结构、提升运营效率，带动盈利能力持 市场数据：2024年3月27日 续修复。 收盘价（元）： 83.18 事件点评 年内最高/最低（元）： 187.99/75.12  线下门店经营恢复带动免税业务大幅增长。期内公司免税收入 442.31 流通A股/总股本（亿）： 19.52/20.69 亿元（+69.9 ...

证券研究报告 公 2024年03月28日 司 报 告 中国中免(601888) │ 行 业： 商贸零售/旅游零售Ⅱ 公 投资评级： 买入（维持） 司 当前价格： 83.18元 年 业绩符合预期，现金分红比例超 50% 目标价格： 98.10元 报 点 事件： 评 基本数据 公司发布 2023 年业绩公告。2023 年公司实现营业收入 675.4 亿元 总股本/流通股本(百万股) 2,068.86/2,068.86 /YOY+24.1%，归母净利润67.1亿元/YOY+33.5%，扣非归母净利润为66.5 流通A股市值(百万元) 162,406.92 亿元/YOY+35.7%，与此前业绩快报基本一致。单Q4，公司实现营收167.0 每股净资产(元) 26.02 亿元/YOY+10.8%，归母净利润为15.1亿元/YOY+274.7%，扣非归母净利 资产负债率(%) 24.96 润为14.6亿元/YOY+358.9%。 一年内最高/最低(元) 187.99/75.12 ➢ 商品结构优化，租金压力明显 2023年公司免税/有税收入分别为442.3/223.4亿元，同比+69.9%/-20.1%。 股价相对走势 得益 ...

[Table_Title] 证券研究报告 中国中免(601888.SH)年报点评：分红率上调 公司研究 至 50%，口岸免税恢复良好，24 年租金改善 [Table_ReportType] 点评报告 或将贡献可观增量 [T中ab国le中_S免toc(k6A0n1d8R8an8k.]S H) [Table_ReportDate] 2024年3月28日 投资评级 买入 上次评级 买入 [T中a国bl中e_免Su披mm露ary2]0 23 年年报：1）2023 年全年实现营收 675.40 亿元，同比 +24.08%，实现归母净利润 67.14 亿元，同比+33.46%，归母净利率 9.94%， [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 同比+0.7pct；实现扣非后归母净利润66.52亿元，同比+35.71%；2）23Q4实 现营收167.03亿元，同比+10.85%，环比+11.51%；实现归母净利润15.07亿 执业编号：S1500522110002 元，同比+274.72%，环比+12.44%，归母净利率9.03%；实现扣非后归母净利 联系电话：15000310173 润14.61亿元，环 ...

证券研究报告·公司点评报告·旅游零售Ⅱ 中国中免（601888） 2023 年报点评：股息率升至 2%，口岸免税 2024年 03月 27日 潜力较大 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 石旖瑄 营业总收入（百万元） 54,433 67,540 81,530 102,256 116,960 执业证书：S0600522040001 同比 -19.57% 24.08% 20.71% 25.42% 14.38% shiyx@dwzq.com.cn 归母净利润（百万元） 5,030 6,714 8,281 9,669 11,381 股价走势 同比 -47.89% 33.46% 23.35% 16.76% 17.70% EPS-最新摊薄（元/股） 2.43 3.25 4.00 4.67 5.50 中国中免 沪深300 P/E（现价&最新摊薄） 34.21 25.63 20.78 17.80 15.12 1% -1-5 1% % [ 投TT ...

股 票 研 究 [Table_industryInfo] 社会服务业/社会服务 [ Table_Main[中ITnaf 国bol]e 中_Ti免tle]( 601888) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合快报，加大分红力度 目标价格： 102.60 上次预测： 102.60 公 ——中国中免2023 年报点评 当前价格： 83.18 司 刘越男(分析师) 宋小寒(研究助理) 2024.03.28 更 021-38677706 010-83939087 [交Ta易bl数e_M据a rket] 新 liuyuenan@gtjas.com songxiaohan026736@gtjas.co 证书编号 S0880516030003 mS0 880122070054 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 75.40 1- 71 28 ,7 0. 84 87 报 告 本报告导读： 总股本/流通A股（百万股） 2,069/1,952 机场国际客流加快恢复，盈利能力有望进一步改善。 流通 B股/H股（百万股） 0/116 流通股比例 100% 日均成交量（百万股） ...

今日聚焦 1、中国中免：2023年净利润67.14亿元，同比增长33.46%，拟10派16.5元 中国中免披露年报，2023年实现营业收入675.4亿元，同比增长24.08%；净利润67.14亿元，同比增长33.46%；基本每股收益3.25元。公司拟向全体股东每10股派发现金红利16.5元（含税）。 2、5连板华生科技：公司未涉及低空经济、降落伞等相关业务 华生科技披露股票交易风险提示公告，经公司自查，公司未涉及低空经济、降落伞等相关业务，公司目前主要产品分为气密材料和柔性材料两大类，上述产品与降落伞材料无关联。 3、4连板爱丽家居：主营业务未发生变化 公司目前生产经营情况一切正常 爱丽家居发布股票交易异常波动公告称，公司主营业务未发生变化，主要为PVC塑料地板的研发、生产和销售。经公司自查，公司目前生产经营情况一切正常，市场环境或行业政策没有发生重大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常。截至今日收盘，爱丽家居股价连续四个交易日涨停。 4、4连板圣达生物：目前主营生物保鲜剂类产品未涉及预制菜领域 圣达生物发布异动公告，近期公司关注到部分媒体、股吧等平台对公司相关业务讨论，内容涉及 ...

Business Expansion and Development - In 2023, the company opened the Sanya International Duty Free City C Zone, becoming the world's first standalone travel retail plaza specializing in fragrance products[11]. - The company successfully won the operating rights for duty-free shops at Tianjin Binhai International Airport and three outbound duty-free shops in Yunnan, further consolidating its channel advantages in major domestic airports and ports[11]. - The company obtained the operating rights for duty-free shops at Siem Reap Angkor International Airport in Cambodia and opened operations, as well as winning the rights for the Changi Airport boutique store in Singapore[11]. - The company is advancing the Sanya International Duty Free City Phase III project in collaboration with Swire Properties, which is expected to enhance long-term development[11]. - The company is focused on becoming a world-class travel retail operator, optimizing its business layout[11]. - The company is actively supporting the construction of Hainan Free Trade Port and has made progress on several key projects, including the Sanya International Duty-Free City[21]. - The company plans to expand its market presence by entering three new international markets by the end of 2024, aiming for a 10% market share in each[60]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 1 billion RMB allocated for potential targets[32]. Financial Performance - In 2023, the company achieved a revenue of RMB 67,540 million, an increase of RMB 13,107 million (24.1%) compared to RMB 54,433 million in 2022[13]. - The gross profit for 2023 was RMB 20,853 million, up by RMB 5,993 million (40.3%) from RMB 14,860 million in 2022, resulting in a gross margin of 30.88%[13]. - Net profit attributable to equity shareholders was RMB 6,790 million, an increase of RMB 1,676 million (32.8%) from RMB 5,114 million in 2022, with a net profit margin of 10.05%[13]. - The company’s total assets reached RMB 78,662 million, an increase of RMB 3,043 million (4.0%) from RMB 75,619 million in 2022[14]. - The total liabilities decreased to RMB 19,688 million, down by RMB 2,092 million (9.6%) from RMB 21,780 million in 2022[14]. - Cash and cash equivalents increased to RMB 31,752 million, up by RMB 5,990 million (23.2%) from RMB 25,762 million in 2022[14]. - The equity-to-debt ratio improved to 33.38%, a decrease of 7.07 percentage points from 40.45% in 2022[14]. - The company reported a significant increase in revenue, achieving a total of 29 billion RMB for the fiscal year 2023, representing a year-on-year growth of 15%[60]. - The company has set a future revenue guidance of 35 billion RMB for the next fiscal year, anticipating a growth rate of approximately 20%[62]. Customer Engagement and Marketing - The company expanded its membership base to over 32 million members, utilizing AI analysis for targeted promotions[12]. - The company launched over 30 promotional events, including the Hainan offshore duty-free shopping festival, enhancing the quality and convenience of its services[11]. - The company has integrated online business operations and enhanced digital capabilities, launching a big data platform for unified member data management[20]. - User data indicates a rise in active customers, with a total of 5 million new users acquired in the last quarter, marking a 20% increase compared to the previous quarter[61]. - The company reported a 30% increase in online sales, driven by enhanced digital marketing strategies and improved e-commerce platforms[60]. Corporate Governance and Compliance - The company received an A rating for corporate governance from the Shanghai Stock Exchange for eight consecutive years, reflecting its commitment to transparency and accountability[32]. - The company has adopted the standard code of conduct for securities trading as per the Hong Kong Listing Rules Appendix C3, ensuring compliance among directors and supervisors[73]. - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced governance structure[76]. - The company has implemented a system for monitoring securities trading by directors and supervisors to prevent insider trading during blackout periods[73]. - The company emphasizes the importance of ESG management, integrating it into its long-term development strategy[93]. Risk Management - The company has established a comprehensive risk management system, including the development of risk classification and a risk warning indicator system, enhancing risk prevention and management capabilities[98]. - The company conducts annual risk assessments to evaluate potential risks for the following year, focusing on the top 10 identified risks and developing response plans[99]. - The audit and risk management committee oversees the company's financial reporting processes and internal control systems[100]. - The company has implemented strict monitoring procedures to ensure the confidentiality of internal data and compliance with information disclosure regulations[101]. Social Responsibility and Community Engagement - The company invested RMB 13.37 million in support funds for rural revitalization efforts during the year[12]. - The group made donations totaling RMB 13.37 million during the reporting period, with RMB 13.31 million allocated to support Yunnan Province's Menglian and Ximeng counties, and RMB 60,000 donated by a subsidiary to Fuxu Village in Hainan Province[173]. Future Outlook - In 2024, the company aims to enhance its global competitiveness in the tourism retail sector, focusing on high-quality development[12]. - The company anticipates that domestic tourism will exceed 6 billion trips and generate RMB 6 trillion in revenue in 2024, recovering to or surpassing 2019 levels[28]. - The company plans to utilize the remaining unutilized net proceeds by the end of 2027, focusing on domestic channel consolidation, overseas channel expansion, supply chain efficiency improvement, and digital technology upgrades[126][127].

China Tourism Group Duty Free Corporation Limited 三亚国际免税城 Environmental, Social and Governance Report 2023 Stock Abbreviation：CTG DUTY-FREE A Share Stock Code：601888.SH H Share Stock Code：01880.HK China Tourism Group Duty Free Corporation Limited 2023 Environmental, Social and Governance Report 海口国际免税城 Stock Abbreviation: CTG DUTY-FREE Stock Code: 601888.SH 01880.HK China Tourism Group Duty 2023 Free Corporation Limited About this Report About this Report Introduction This report is the third Environmental, ...

中国旅游集团中免股份有限公司 2023 年度独立董事述职报告 （葛明） 作为中国旅游集团中免股份有限公司（以下简称"公司"）独立董事，2023 年，本人严格按照《公司法》《证券法》《上市公司治理准则》《上市公司独立董 事管理办法》（以下简称"《独立董事管理办法》"）等有关法律法规及《公司 章程》《公司独立董事制度》的有关规定和要求，独立、客观地行使独立董事职 权，忠实、勤勉地履行职责，切实维护了公司的整体利益和中小股东的合法利益。 现将本人履职情况汇报如下： 一、独立董事的基本情况 （一）基本情况 本人葛明，男，汉族，1951 年出生，毕业于中国财政科学研究院西方会计 专业，经济学硕士。现任公司独立董事，北京华明富龙财会咨询有限公司总经理， 兼任亚信科技有限公司独立非执行董事，安道麦股份有限公司独立董事，泰康保 险集团股份有限公司监事，上海银行股份有限公司监事。曾任安永华明会计师事 务所董事长；安永华明会计师事务所（特殊普通合伙）管理合伙人、主任会计师、 高级顾问；中国注册会计师协会常务理事；财政部注册会计师考试委员会委员； 北京注册会计师协会行业发展委员会副主任；中国证监会第二届上市公司并购重 组专家咨询委 ...